MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.07.1996
Com. Reg. No.:	08-020766
Capital Investment / Paid-up Capital :	Rs. 56.660 Millions
CIN No.: [Company Identification No.]	U35204KA1996PTC020766
TIN No.:	29720074791
TAN No.: [Tax Deduction & Collection Account No.]	BLRA04872A
PAN No.: [Permanent Account No.]	AABCA7045H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Domestic sales as well as Export of Automotive Components.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2380000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. However, trade relations are reported as fair. Business is active. Payments term are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: “BBB”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	March, 2014

Rating Agency Name	ICRA
Rating	Short Term Fund Based Limits: “A2”
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	March, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-22637000)

LOCATIONS

Registered Office/ Door and Access Division	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka, India
Tel. No.:	91-80-22637000
Fax No.:	91-80-27625040
E-Mail :	cjayram@adityaauto.com mktg@adityaauto.com
Website :	www.adityaauto.com
Contract Manufacturing Division :	Plot No.13D, KIADB Industrial Area, Doddaballapur, Bangalore - 561203, Karnataka, India
Tel. No.:	91-80-22637000
Fax No.:	91-80-27625040
E-Mail :	mktg@adityaauto.com
Wiring Harness and Integrated Products Division :	179, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-27832955
Fax No.:	91-80-27831103
E-Mail :	mktg@adityaauto.com
Components Division and Tool Room :	23/24, 2^nd Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
Tel No.:	91-80-28394840
Fax No.:	91-80-28394840
Email :	dmsgowda@adityaauto.com
Factory :	Also Located at · Haryana Tamilnadu Maharashtra
Branch Office:	SF. No. 222/8 & 223, Boothakudi Village, Virali Malai, Pudukottai District – 621316, Tamilnadu, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Jayaraman Chandrachudan

Designation :

Managing Director

Address :

283, 15^th A Cross, Yelahanka New Town, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

05.12.1949

Date of Appointment :

01.04.2012

PAN No.:

ACIPJ8327R

DIN No.:

00296405

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED	Managing director	01/04/2012	03/06/1998	-	Active	NO
2	U22219KA1990PTC011258	REHANS GRAPHICS PRIVATE LIMITED	Director	25/06/1999	25/06/1999	-	Active	NO
3	U24299WB2003PTC096939	POLYGAL INDIA PRIVATE LIMITED	Director	01/06/2004	01/06/2004	24/09/2012	Active	NO
4	U34300KA2008PTC048286	Aditya Auto Door Systems Private Limited	Director	14/11/2008	14/11/2008	-	Active	NO
5	U34300KA2008PTC048502	Aditya Essae Auto Components Private Limited	Director	04/12/2008	04/12/2008	-	Active	NO
6	U25112KA2011PTC060384	ARC VALVES INDIA PRIVATE LIMITED	Director	13/09/2011	13/09/2011	-	Active	NO
7	U51420KA2002PTC031383	PRANAV EXIMP PRIVATE LIMITED	Director	23/07/2012	23/07/2012	-	Active	NO

Name :

Ms. Uma Jayaraman

Designation :

Director

Address :

727, Venkateswara Nilaya, 5^th Cross, Yelahanka New Town, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

04.12.1956

Date of Appointment :

22.10.2012

PAN No.:

ACTPJ5951C

DIN No. :

00748403

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51420KA2002PTC031383	PRANAV EXIMP PRIVATE LIMITED	Director	23/12/2002	23/12/2002	Active	NO
2	U34300KA2008PTC048286	ADITYA AUTO DOOR SYSTEMS PRIVATE LIMITED	Director	30/07/2011	30/07/2011	Active	NO
3	U34300KA2008PTC048502	ADITYA ESSAE AUTO COMPONENTS PRIVATE LIMITED	Director	30/07/2011	30/07/2011	Active	NO
4	U22219KA1990PTC011258	REHANS GRAPHICS PRIVATE LIMITED	Director	23/07/2012	23/07/2012	Active	NO
5	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED	Director	22/10/2012	22/10/2012	Active	NO

Name :

Mr. Ramachandran Jayaraman

Designation :

Chairman

Address :

417, Faculty Quarters, Indian Institute of Management, Bannerghatta, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

01.06.1957

Date of Appointment :

30.09.2008

DIN No.:

00004593

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74300KA1998PTC024546	INTEGRATED BRAND.COMM. PRIVATE LIMITED	Director	18/12/1998	18/12/1998	28/06/2012	Active	NO
2	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	17/04/1999	17/04/1999	15/02/2008	Active	NO
3	L72100KA1989PLC014226	SASKEN COMMUNICATION TECHNOLOGIES LIMITED	Director	15/06/2000	15/06/2000	-	Active	NO
4	U51397DL2005PTC190519	LIFETIME HEALTHCARE PRIVATE LIMITED	Director	01/04/2005	01/04/2005	21/11/2008	Amalgamated	NO
5	U64203MH1997PLC166329	RELIANCE COMMUNICATIONS INFRASTRUCTURE LIMITED	Director	26/06/2005	26/06/2005	16/08/2010	Active	NO
6	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	08/12/2005	08/12/2005	26/03/2013	Active	NO
7	L45309MH2004PLC147531	RELIANCE COMMUNICATIONS LIMITED	Director	17/07/2007	07/02/2006	-	Active	NO
8	L52599TN1961PLC028758	REDINGTON (INDIA) LIMITED	Director	21/11/2006	21/11/2006	-	Active	NO
9	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Director	31/10/2007	12/12/2006	12/03/2008	Active	NO
10	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Director	17/08/2007	06/04/2007	03/06/2014	Active	NO
11	U72900KA2000PLC026980	TEJAS NETWORKS LIMITED	Director	03/08/2007	26/04/2007	21/06/2012	Active	NO
12	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PVT LTD	Director	30/09/2008	30/09/2008	-	Active	NO
13	L72200TG1991PLC013134	CYIENT LIMITED	Director	01/07/2009	17/11/2008	18/07/2012	Active	NO
14	U65999TN2005PLC069447	EASYACCESS FINANCIAL SERVICES LIMITED	Director	16/06/2010	21/05/2010	30/01/2014	Active	NO
15	U67190KA2000PTC043651	AQUARIUS INVESTMENT ADVISORS (INDIA) PRIVATE LIMITED	Director	16/09/2013	24/10/2012	-	Active	NO
16	L63010MH2004PLC073508	ALLCARGO LOGISTICS LIMITED	Director	08/08/2013	14/04/2013	-	Active	NO
17	U85110KA1992GOI013570	ANTRIX CORPORATION LIMITED	Director	10/06/2013	10/06/2013	01/06/2014	Active	NO
18	U72900MH2001PLC131598	RELIANCE INFRATEL LIMITED	Director	30/09/2013	30/08/2013	-	Active	NO
19	U93000MH2013NPL250169	PEOPLE'S ELECTORAL TRUST	Additional director	27/01/2014	27/01/2014	31/03/2014	Active	NO

Name :

Mr. William Robert Byass

Designation :

Director

Address :

16, Myrnong Crescent, Toorak, Victoria – 3142, Australia

Date of Birth/Age :

28.10.1949

Date of Appointment :

30.09.2006

DIN No.:

00279207

Name :

Mr. Gisbert Bluemel

Designation :

Director

Address :

Mozartstrasse 8, Offenburg - 77654, Germany

Date of Birth/Age :

15.12.1941

Date of Appointment :

30.09.2006

DIN No.:

00330853

Name :

Mr. Narasimhan Chakravarthi Srinivasan

Designation :

Director

Address :

7C, Sukhi Apartment, 17, Rhenius Street, Richmond Town, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

28.05.1945

Date of Appointment :

30.09.2003

DIN No.:

00471801

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status
1	U29299KA1996PTC038742	STUMPP SCHUELE AND SOMAPPA SPRINGS PRIVATE LIMITED	Director	12/08/1996	12/08/1996	-	Active
2	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active
3	U02919KA2005PTC037505	KERN-LIEBERS SPRINGS AND STAMPINGS PRIVATE LIMITED	Alternate director	01/07/2007	20/10/2005	31/08/2010	Active
4	U74140KA2006PTC040518	MTI SOURCING PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Active
5	U34300KA2006PTC040523	MULTITECH INDUSTRIES INDIA PRIVATE LIMITED	Managing director	15/09/2006	15/09/2006	-	Active
6	U29199KA2007PTC043306	STUMPP SCHUELE AND SOMAPPA SUSPENSION SYSTEMS PRIVATE LIMITED	Managing director	29/06/2007	29/06/2007	-	Strike off
7	U35900TN2007PTC064288	DAEWON INDIA AUTO PARTS PRIVATE LIMITED	Director	20/07/2007	20/07/2007	14/05/2011	Active
8	U29253KA2010PTC052534	OSRAM AUTOMOTIVE LAMPS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	20/01/2011	Amalgamated
9	U72900KA2013PTC072116	NONPLUS ULTRA HOME AUTOMATION PRIVATE LIMITED	Director	26/11/2013	26/11/2013	-	Active
10	U35911KA2014PTC072972	STUMPP SCHUELE AND SOMAPPA AUTO SUSPENSION SYSTEMS PRIVATE LIMITED	Director	09/01/2014	09/01/2014	-	Active

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	94.72
Other top fifty shareholders	5.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Domestic sales as well as Export of Automotive Components.

Products :

Item Code No. (ITC Code)	Product Description
87089900	Manufacture of Window Regulators and Door Latches

GENERAL INFORMATION

Customers :

· Ashok Leyland

Mahindra

Force Motors

Maruti Suzuki

Piaggio

Tata

HondA

Skoda Auto

No. of Employees :

Not Divulged

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

DBS Bank Limited, Salarpuria Windsor, No. 3, Old No. 10, Ulsoor Road, Ward No. 78, Bangalore - 560042, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Term loans from Banks are secured by mortgage and hypothecation of entire fixed assets of the Company comprising of land and buildings and plant and machinery. Further, the loan has been secured by way of personal guarantee of directors Mr. C Jayaraman and Mrs. Uma Jayaraman of the Company. Repayable within 0 - 60 monthly installments and rate of interest ranges from 14% to 15%.)	175.000	275.375
Loans taken for vehicles (Vehicle Loans are Secured by hypothecation of vehicles. Repayable within 0 – 36 monthly installments and rate of interest ranges from 12% to 15%.)	4.214	1.403
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Short-term borrowings are secured by hypothecation of raw materials, finished goods, work in progress and book debts and collateral security of plant and machinery and rate of interest ranges from 7% to 13.5%.)	539.261	400.920
Total	718.475	677.698

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, AnchorageII 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Subsidiary company :	Rehans Graphics Private Limited CIN No.: U22219KA1990PTC011258
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Pranav Exim Private Limited CIN No.: U33110DL1995PTC073513

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,666,000	Equity Shares	Rs.10/- each	Rs. 56.660 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	56.660	49.620	49.620
(b) Reserves & Surplus	539.552	437.355	387.595
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	23.760	0.000
Total Shareholders’ Funds (1) + (2)	596.212	510.735	437.215
(3) Non-Current Liabilities
(a) long-term borrowings	180.615	281.372	53.339
(b) Deferred tax liabilities (Net)	46.819	43.084	36.855
(c) Other long term liabilities	3.763	26.446	6.402
(d) long-term provisions	10.555	6.393	4.337
Total Non-current Liabilities (3)	241.752	357.295	100.933
(4) Current Liabilities
(a) Short term borrowings	539.261	400.920	283.986
(b) Trade payables	370.669	344.145	219.045
(c) Other current liabilities	236.184	132.001	50.027
(d) Short-term provisions	14.647	19.205	29.299
Total Current Liabilities (4)	1160.761	896.271	582.357
TOTAL	1998.725	1764.301	1120.505
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	868.307	843.605	428.781
(ii) Intangible Assets	0.892	2.433	2.488
(iii) Capital work-in-progress	45.472	45.472	42.098
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.984	2.984	2.984
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	51.616	49.893	57.089
(e) Other Non-current assets	27.971	8.129	9.082
Total Non-Current Assets	997.242	952.516	542.522
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	376.136	295.925	221.010
(c) Trade receivables	401.502	350.992	251.341
(d) Cash and cash equivalents	12.391	3.036	8.581
(e) Short-term loans and advances	189.419	161.700	96.961
(f) Other current assets	22.035	0.132	0.090
Total Current Assets	1001.483	811.785	577.983
TOTAL	1998.725	1764.301	1120.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2407.412	1912.632	1455.498
		Other Income	11.839	7.825	110.453
		TOTAL (A)	2419.251	1920.457	1565.951
Less	EXPENSES
		TOTAL (B)	2189.753	1718.256	1414.076
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		229.498	202.201	151.875
Less	FINANCIAL EXPENSES (D)		102.634	81.117	28.648
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		126.864	121.084	123.227
Less/ Add	DEPRECIATION/ AMORTISATION (F)		63.423	51.906	36.867
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		63.441	69.178	86.360
Less	TAX (H)		17.735	13.651	17.443
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		45.706	55.527	68.917
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		344.345	297.584	237.454
	APPROPRIATIONS
		General Reserve	3.000	3.000	3.000
		Dividend (Incl. Proposed Dividend)	5.666	4.962	4.962
		Tax on Dividend	0.963	0.804	0.824
	BALANCE CARRIED TO THE B/S		386.422	344.345	297.584
	EARNINGS IN FOREIGN CURRENCY		412.500	435.900	569.246
	Earnings Per Share (Rs.)		8.07	11.19	13.89

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.89	2.89	4.40
Net Profit Margin (PBT/Sales)	(%)	2.64	3.62	5.93
Return on Total Assets (PBT/Total Assets}	(%)	3.25	4.03	8.03
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.20
Debt Equity Ratio (Total Debt/Networth)		1.21	1.34	0.77
Current Ratio (Current Asset/Current Liability)		0.86	0.91	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.620	49.620	56.660
Reserves & Surplus	387.595	437.355	539.552
Share Application money pending allotment	0.000	23.760	0.000
Net worth	437.215	510.735	596.212
long-term borrowings	53.339	281.372	180.615
Short term borrowings	283.986	400.920	539.261
Total borrowings	337.325	682.292	719.876
Debt/Equity ratio	0.772	1.336	1.207

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1455.498	1912.632	2407.412
		31.407	25.869

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1455.498	1912.632	2407.412
Profit	68.917	55.527	45.706
	4.73%	2.90%	1.90%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10506313	16/05/2014	50,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE, PUNE, MAHARASHTRA - 411035, INDIA	C09482282
2	10410519	15/01/2013	22,000,000.00	SKODA AUTO INDIA PRIVATE LIMITED	PLOTNO.A-1/1 SHENDRA, FIVESTAR INDUSTRIAL AREA MIDC., AVRANGABAD, MAHARASHTRA - 431201, INDIA	B70336102
3	10214784	07/01/2014 *	238,800,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, NO.65, LHO COMPOUND, ST. MARK'S ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B96477831
4	10010644	15/03/2014 *	895,500,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C03697497

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	0.000	4.594
Other loans and advances, others	1.401	0.000
Total	1.401	4.594

GENERAL INFORMATION ABOUT COMPANY

Subject is a private limited company, incorporated on 5th july, 1996 under the provisions of the Companies Act, 1956. The company is engaged in the business of manufacturing and domestic sales as well as export of automotive components. The company's manufacturing facilities are located at Karnataka, Haryana, Tamilnadu and Maharastra.

FINANCIAL HIGHLIGHTS:

The Company has achieved overall revenue of Rs 2419.300 Millions as compared to Rs.1920.500 Millions of Previous Year recording a growth of 26%. Earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs 229.490 million as against Rs. 202.020 million in the previous year showing an increase of 14%. Profit before Tax (PBT) stood at Rs 63.440 million as against Rs. 69.180 million in the previous year an Decrease of 8.29% over the previous year. Dividend With the surplus profit available, the Directors continuous with Pay Out policy, recommend Dividend of Re. 1.00 per Equity Shares of Rs. 10/- each (10%) on the fully paid up Equity Share Capital of the Company. The dividend, if approved by the Shareholders at the ensuing Annual General Meeting shall absorb a sum of Rs. 5.666 Millions exclusive of Dividend Tax.

HIGHLIGHTS OF BUSINESS OPERATIONS INDUSTRY OVERVIEW:

Perhaps the Shareholders are fully aware of the poor performance by the Indian Economy in the year 2012-13. Global turbulence, non-supportive policy, Environment at home, delay in critical infra projects and reduced corporate investments added to the woes of the economy. Complete slow down on the growth in automotive sector towards end of the year at 2% growth due to presumably factors such as high inflation, rise in fuel prices, enhanced vehicle financing cost, uncertainty over the economic growth and so on, could not. escape the eyes of common man. Negative growth in the current year has put the managements of auto industries on their toes. It is to be admitted that margins on the auto components industry further got adversely impacted.

INDUSTRY OUTLOOK FOR THE FINANCIAL YEAR 14:

It is expected that the GDP in India will grow at 5% during the current year. Relentless hike in fuel, fuel commodity prices and interest rates would be concerns as days pass by. Saving grace seems to be that the potential size of the Indian passenger vehicles market is quite enthusiastic.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Intangible Assets

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.